Shares of Ping Identity (NYSE:PING), a company that offers a secure digital identity solution, jumped on Thursday. As of 11:10 a.m. EST, the stock was up 14.4%.
The stock's gain follows Ping's third-quarter earnings report, which featured strong revenue growth and an optimistic outlook for the full year.
Ping reported third-quarter revenue of $61.8 million, up 45% year over year. Of this revenue, $57.5 million was subscription revenue. Subscription revenue was up 49% year over year.
Ping's loss per share was $0.01, narrower than a loss per share of $0.09 in the year-ago period.
"Our strong third quarter results were driven by Ping Identity's Intelligent Identity leadership in securing customer, employee, partner and IoT identities across the enterprise market," said Ping Identity CEO Andre Durand in the company's third-quarter earnings release, "and bolstered by marketwide momentum for identity solutions that enable digital transformation and simultaneously enhance security."
For the full year, management guided for revenue between $239.3 million and $241.3 million. On average, analysts were expecting 2019 revenue of $231.3 million.
"We believe there are significant whitespace opportunities within our existing customer base by adding identities and use cases and selling new solutions, as we further penetrate an overall $25 billion market opportunity for Identity Access Management software and hybrid cloud solutions," said Ping Identity CFO Raj Dani in the quarterly update.